- One-Third of Wall Street Workers Expect Bigger Bonus This Year
- Pay Czar Targets Salary Cuts
- Stiglitz Says Markets ‘Irrationally Exuberant’ About Recovery
- Goldman Sachs In Talks With CIT On $3B Loan
- JPMorgan U.S. private bank to add jobs
- Nomura to double headcount in the US
- SocGen sets rights issue to repay state, make buys
- Fed’s Fisher Says U.S. Probably Won’t Face Double-Dip Recession
- Gold Advances to 18-Month High as Weaker Dollar Spurs Demand
- Chrysler chiefs quit in fresh upheaval
- Holiday Retail Sales May Drop for Second Year, NRF Forecasts
- U.S. Apartment Vacancies Hit 23-Year High of 7.8%, Reis Says
- Palm Seeks to Unclog App Bottleneck
- Ax Falls on Four Condé Nast Titles
- U.S. Web Ad Spending Fell 5.3% in First Half
One-Third of Wall Street Workers Expect Bigger Bonus This Year - Bloomberg
More than a third of Wall Street finance professionals surveyed expect their bonuses to increase for 2009, a year after the credit-market collapse that some regulators say was fueled by outsized pay packages, eFinancialCareers.com found.
About 36 percent of the 1,074 people who responded to the e-mailed poll said they are anticipating a bigger annual payout from their companies and 11 percent said it will jump by at least half, the job-search Web site said in a statement….
Pay Czar Targets Salary Cuts - Wall Street Journal
The Obama administration’s pay czar is planning to clamp down on compensation at firms receiving large sums of government aid by cutting annual cash salaries for many of the top employees under his authority, according to people familiar with the matter.
Instead of awarding large cash salaries, Kenneth Feinberg is planning to shift a chunk of an employee’s annual salary into stock that cannot be accessed for several years, these people said. Such a move, the most intrusive yet into corporate compensation, would mark the government’s first effort to curb the take-home pay of everyone from auto executives to financial traders…
Stiglitz Says Markets ‘Irrationally Exuberant’ About Recovery – Bloomberg
Nobel Prize-winning economist Joseph Stiglitz said U.S. unemployment will keep rising and should be the focus for policy makers, and gains in the stock market show investors have been “irrationally exuberant” about a recovery.
“There’s a lot of risk going ahead of some big bumps,” he said yesterday in a Bloomberg Television interview from Istanbul, citing housing, commercial real estate and consumers’ inability to pay off credit cards because of job losses. “There’s a very big risk that markets have been irrationally exuberant.”….
Goldman Sachs In Talks With CIT On $3B Loan – Wall Street Journal
Goldman Sachs Group Inc. (GS) said Monday it is in talks to potentially amend the terms of a $3 billion loan to embattled CIT Group Inc. (CIT).
The investment bank is on tap to receive about $1 billion if troubled commercial lender CIT were to file for bankruptcy. This is a point of contention as the company battles to raise additional funds as part of its broader restructuring plan…..
JPMorgan U.S. private bank to add jobs - Reuters
JPMorgan Chase & Co plans to expand its U.S. private banker force by 10 percent in the coming months as America’s wealthy exit banks hit hard by the financial crisis, JPMorgan’s top U.S. private banker said on Monday.
“We are investing in people and we hope to add an additional 10 percent in the next year,” Catherine Keating, chief executive of JPMorgan’s U.S. private bank, said at the Reuters Global Wealth Management Summit in Boston……
Nomura to double headcount in the US – Financial Times
Nomura is poised almost to double its headcount in the US in an expansion that highlights the Japanese institution’s ambition to transform itself into one of the top five global investment banks.
Nomura’s hiring spree will increase staff in the US to 1,200 by the end of this fiscal year next March, twice the number on its American payroll in January, 200….
Citi To Shift 600 Advisers To Fees From Commissions – Wall Street Journal
….The bank announced it is changing the way its financial advisers operate; those 600 advisers who work within Citibank branches, and who remained when the bank combined its Smith Barney brokerage with Morgan Stanley’s brokerage in a joint venture.
Citi decided to rid itself of commission-based advice and will henceforth charge clients a fee of about 1% of invested assets. It will give clients who want wealth management services through Citibank branches the option of working with Citi’s own financial advisers, or of choosing independent advisers with whom Citi will begin to form relationships, and who will pay Citi a fee for the referral…..
SocGen sets rights issue to repay state, make buys – Reuters
Societe Generale (SOGN.PA) launched a 4.8 billion-euro ($7.02 billion) rights issue on Tuesday to repay 3.4 billion euros of state support and pursue acquisitions, a week after national rival BNP Paribas (BNPP.PA) tapped investors for 4.3 billion euros.
They join a recent rush of European banks to raise new share capital to help rebuild their balance sheets and pay off costly state aid received in the depths of the credit crisis…..
Fed’s Fisher Says U.S. Probably Won’t Face Double-Dip Recession – Bloomberg
Federal Reserve Bank of Dallas President Richard Fisher said that the U.S. is likely to undergo “a very slow process” of recovery and probably won’t endure a double-dip recession.
“We’re going to have to be tolerant of slower growth than we’re used to,” Fisher said in a televised interview today with PBS’ Nightly Business Report…..
Gold Advances to 18-Month High as Weaker Dollar Spurs Demand – Bloomberg
Gold advanced to an 18-month high in New York and London as a tumbling dollar spurred demand for the precious metal as an alternative investment.
The dollar fell as much as 0.7 percent against the euro after Australia unexpectedly raised interest rates and Britain’s Independent newspaper said Arab states held talks on replacing the dollar in oil trades. Saudi Arabia’s central bank and a Kuwaiti minister said there weren’t any negotiations. Gold, trading near a record, tends to gain when the dollar weakens….
Chrysler chiefs quit in fresh upheaval – Financial Times
Two of Chrysler’s three brand chiefs have left the company just four months after their appointment, in a fresh management upheaval….
….It said yesterday that Peter Fong, head of the Chrysler brand, had resigned “for personal reasons”, while Michael Accavitti, head of Dodge, was leaving “to pursue other interests”…….
Holiday Retail Sales May Drop for Second Year, NRF Forecasts – Bloomberg
U.S. holiday sales may decline for the second year as consumers stick to budgets and retailers cut prices to encourage spending, according to an industry group.
Sales for the last two months of the year will probably fall 1 percent to $437.6 billion from the same period in 2008, the National Retail Federation said today in a statement. That’s not as steep as last year’s decline of 3.4 percent, the first drop since the NRF started tracking holiday sales in 1995….
U.S. Apartment Vacancies Hit 23-Year High of 7.8%, Reis Says – Bloomberg
U.S. apartment vacancies rose to 7.8 percent in the third quarter, the highest since 1986, as rising unemployment reduced rental demand, Reis Inc. said.
Actual rents paid by tenants, known as effective rents, declined 2.7 percent from a year earlier, the New York-based property research firm said in a report today. Asking rents, or what landlords sought, fell 1.8 percent from a year earlier…..
Palm Seeks to Unclog App Bottleneck – NY Times
Realizing that more apps sell more cellphones, Palm has a plan to encourage developers to write more software for its phones.
Currently, Apple has more than 85,000 applications for the iPhone. More than 10,000 applications are available for cellphones running on Android, Google’s mobile operating system. Palm has about 100 apps for its Pre and Pixi smartphones….
Ax Falls on Four Condé Nast Titles - Wall Street Journal
Condé Nast Publications Inc., facing a steep drop-off in advertising, said it would chop four magazines from its roster — including 68-year-old Gourmet, long considered one of the world’s most prestigious foo….
In addition to Gourmet, Condé Nast will eliminate Modern Bride and Elegant Bride, as well as a parenting magazine called Cookie. About 180 jobs will be cut, said Condé Nast Chief Executive Chuck Townsend…..
U.S. Web Ad Spending Fell 5.3% in First Half – Wall Street Journal
U.S. advertisers spent $10.9 billion on Internet ads in the first half of 2009, a 5.3% decline from the same period last year, the Interactive Advertising Bureau said Monday.
Search advertising continued to represent the largest percentage of overall interactive ad spending, with search revenues reaching more than $5.1 billion in the half of 2009, up slightly from that same period in 2008, the group said in a report produced with PricewaterhouseCoopers….
Tags: Autos, Bonuses, Chrysler, CIT, Compensation, Czars, Economy, Fed, Gold, Goldman Sachs, JP Morgan, Nomura, retailers, Societe Generale
